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CBO Estimates "Obama Tax Cut" To Add $4 Trillion To Deficit Over Next Decade

Tyler Durden's picture





 

Two things:

First - it is no longer the "Bush (temporary) tax cut" - it is now the "Obama (permanent) tax cut", with a loophole for the 1%ers (whose big picture "impact" we showed previously)

Second - according to the just released scoring by the CBO, the total impact on the US budget deficit of said permanent tax cuts, will be a $4 trillion increase in the deficit over the next decade. In reality, due to the CBO's perpetual optimistic bias, this number will likely be orders of magnitude lower than what it actually ends up being.

Maybe the US can just increase the taxes on the uber wealthy some more, and pray that unlike Obelix, they have never heard of Belgium.

In other news, perhaps it is time for the CBO to come up with an Extended Extended Alternative Alternative Fiscal Scenario. Because the baseline Extended Alternative, as demonstrated previously and as shown below, may now be just a smidgeon optimistic.

Source: CBO

 


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Tue, 01/01/2013 - 15:11 | Link to Comment Dan The Man
Dan The Man's picture

oh is that all?

Tue, 01/01/2013 - 15:22 | Link to Comment Stonedog
Stonedog's picture

Probably a low ball estimate - the real number is probably twice that...

Tue, 01/01/2013 - 15:31 | Link to Comment Everyman
Everyman's picture

Remember that the "Doc Fix" for Medicare and Medicaid and the AMT were NOT calculated int this extimate, because it was not a "permanent" assessment.  These were up for ratification EVERY year.  NOW they can be added to the CBO istimate, but not before.  And the Doc Fix is a patch as well as the AMT patch, so neither of these are permenant.

Tue, 01/01/2013 - 16:27 | Link to Comment hound dog vigilante
hound dog vigilante's picture

 

any guesstimates per the real number(s) here?  w & w/o the patches?

Tue, 01/01/2013 - 18:00 | Link to Comment oh_bama
oh_bama's picture

FORWARD!!!

Tue, 01/01/2013 - 20:30 | Link to Comment Michaelwiseguy
Michaelwiseguy's picture

Add $40 trillion over the next century, add $400 trillion over the next millennium.

Tue, 01/01/2013 - 20:09 | Link to Comment ball-and-chain
ball-and-chain's picture

Make no mistake.

We're screwed.  But what's the alternative.

If we cut spending and go with austerity, we descend into a hellish deflationary depression.

If we continue on the present course, we turn into the new Japan.

Pick your poison.

http://www.angrysinner.blogspot.kr/2013/01/yesterday-dragon-lady-made-beef-and-egg.html

Tue, 01/01/2013 - 15:47 | Link to Comment Smegley Wanxalot
Smegley Wanxalot's picture

No worries.  There won't be any new debt because they didn't raise the debt ceiling.  Everything is under control.

Now please get back eating fritos and streaming porn like a good american.

Tue, 01/01/2013 - 16:34 | Link to Comment Sudden Debt
Sudden Debt's picture

over the next decade, America will need to print everything it spends because nobody will be making any money anymore...
and for those who still work will get as much as those who don't

Marx would be proud...

Tue, 01/01/2013 - 18:33 | Link to Comment sgorem
sgorem's picture

really? wtf is a measely $ 4,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000. and change

Tue, 01/01/2013 - 20:01 | Link to Comment philipat
philipat's picture

1. Unlike (Other) civilized countries, the US taxes its citizens wherever they live, even if taxes are SUPPOSED to be a cotribution towards the provision of services, which clearly are NOT used when living in another country.

2. Belgium's top matginal rate of income tax is 50%. So it really would not matter if America's wealthy had heard of Belgium. There are much more attractive options.

Wed, 01/02/2013 - 08:16 | Link to Comment Svener
Svener's picture

Wait a minute. What happened to " tax cuts always pay for themselves"

Tue, 01/01/2013 - 15:11 | Link to Comment Cdad
Cdad's picture

Sweet...just tack that $4 trillion onto my son's tab.  He's good for it.

 

Tue, 01/01/2013 - 15:17 | Link to Comment tallen
tallen's picture

If the government forecast is a 4 trillion increase, it's going to be more like 50 trillion. Going past full retard, entering hyper-retard phase.

Tue, 01/01/2013 - 15:20 | Link to Comment caimen garou
caimen garou's picture

a flat tax of 99% for all politicians, there fixed it.

Tue, 01/01/2013 - 15:31 | Link to Comment brewing
brewing's picture

especially since they just got a pay raise for all their hard work...

Tue, 01/01/2013 - 19:26 | Link to Comment CH1
CH1's picture

a flat tax of 99% for all politicians

Yeah, but they'd just give themselves a 9900% raise.

How about ditching any system that allows everyone to be stolen from at once?

Tue, 01/01/2013 - 15:21 | Link to Comment bnbdnb
bnbdnb's picture

What was the score if all cuts were extended?

Tue, 01/01/2013 - 15:23 | Link to Comment CPL
CPL's picture

Doesn't matter now.

 

This is now the end of the US dollar.

Tue, 01/01/2013 - 15:25 | Link to Comment bnbdnb
bnbdnb's picture

Why do you say that?

Tue, 01/01/2013 - 15:42 | Link to Comment A Lunatic
A Lunatic's picture

Well, with this 4 trillion, and the estimated 1 trillion (lol) for Obamacare, and our current trillion plus dollar yearly deficits there is no means of paying the bills but to print, print, print. Taking away guns will run a half trillion in the first year alone, 30,000 drones in the sky will run a few hundred billion. Gifts to Israel, Pakistan, Egypt, et al will take a few Benny Bucks too, not to mention the wars and rumors of wars over the coming decade that we are not even fighting yet. That alone should put the nail in the coffin for the dollar and freedom too come to think of it; two birds with one stone..........

Tue, 01/01/2013 - 17:20 | Link to Comment CPL
CPL's picture

It's not just that though is it.  That's just the operational deficit.

 

Doesn't include the 200 trillion in unfunded liabilities.  Obamacare isn't covered by that trillion, not by a long shot.  That's only for paper pushing and the management system/people...government people.  The real price tag is closer to 85 trillion.  But what does it matter anymore?  Time to get out of USD, this is the move that pushes me tommorrow morning to dump every green back I have on me when the bank is open.

 

I don't want anything to do with it anymore.  It's not worth anything and I would perfer to get out while it's at parity with the Canadian dollar.

 

I don't really need to go into great length why.   Why has been posted on here and MSM for a decade.  What just happened is the US government just cut the nuts off the world reserve currency.  unlike the dramatizations on TV, people won't be running in the streets.  They'll be crying in grocery stores and gas pumps.  

 

Ever watch people put things back in line while at the Grocery store.  That's going to start happening with the better dressed clients as of today.  Everything you see on Bloomberg is pure myth and pretend.  The dollar value is meaningless.  If the dollar was to keep any sort of value longer, it should have fallen five years ago.  Now it is too late.

 

Now the only option is to print.  We'll be hearing of QE's every couple of weeks now instead of quarters.

Tue, 01/01/2013 - 19:57 | Link to Comment H E D G E H O G
H E D G E H O G's picture

don't forget a couple billion for green ink and paper.

Wed, 01/02/2013 - 09:06 | Link to Comment HawkEye123
HawkEye123's picture

Although I can't consent with all you staded, I must acknowledge I do really like your way of composing. tubal reversals

Tue, 01/01/2013 - 15:25 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

I would assume that this figure also assumes the doc fix wont be extended after this year as the law currently says. That's about a $30 billion annual cost. Chump change sure. But remember, ending the doc fix was one of the pillars of Obamacare funding and it being scored "deficit neutral". 

Tue, 01/01/2013 - 15:26 | Link to Comment johnnymustardseed
johnnymustardseed's picture

It will not be passed by Boner. Why is it that nobody gets that it is the Bush tax cuts that are a big part of why the deficit is so huge? That and fucking wars!

Tue, 01/01/2013 - 15:31 | Link to Comment Zer0head
Zer0head's picture

technically and in reality the Bush tax cuts ceased as of midnight last.

the senate has just approved the Obama tax cuts and IMO boner will with his loyal group of boner support along with his fellow dems pass the senate's Obama Tax Cuts - repeat the Obama Tax Cuts

Tue, 01/01/2013 - 15:43 | Link to Comment scatterbrains
scatterbrains's picture

Just think of all the fun the dems will have come election time with all the ball licking on bended knees the house tea party  repubs will do passing this farce.

Tue, 01/01/2013 - 17:32 | Link to Comment johnnymustardseed
johnnymustardseed's picture

I am right, they are refusing to go along. Not that it matters. Fucked up when nobody complains about banks getting $16 TRILLION in bailouts and we want to protect them and can't spend a few billion feeding poor people. Democracy and capitalism have failed!

Tue, 01/01/2013 - 18:02 | Link to Comment A Lunatic
A Lunatic's picture

Were we practicing Capitalism those banks would have fucking failed dude. And rightfully so.............

Tue, 01/01/2013 - 16:10 | Link to Comment Too Big 2
Too Big 2's picture

Why is it that nobody gets that it is the Bush tax cuts that are a big part of why the deficit is so huge?

Johnnyshityourpants, if you ignore the spending side of the ledger then you could have a point but the reality is that tax cuts put $$ in the hands of people who know how to produce, employ, create, vs the alternative which is for the government to take the $$. 

If our government were serious about creating jobs instead of fucking us they would institute a flat tax and cutting spending so that we have a balanced budget. 

Put this in your "Bush tax cuts is the main problem" crack pipe and smoke it! 

 

Tue, 01/01/2013 - 17:28 | Link to Comment johnnymustardseed
johnnymustardseed's picture

Too Big 2  shit for brains, supply side has never worked. Republickasses are big on cutting taxes and never have been till now about spending cuts. I am all for cutting spending. But austerity with out tax increases will never work. How about closing 700 military bases around the world. Do we need to protect the entire fucking world?

Tue, 01/01/2013 - 23:07 | Link to Comment pods
pods's picture

They aren't there to protect the world, they are there to protect the USD.

pods

Tue, 01/01/2013 - 18:32 | Link to Comment boogerbently
boogerbently's picture

....and WELFARE.

It is NEVER mentioned in any economic/unfunded/cost cutting discussions!

It costs MORE than Soc. Sec., Medicare or the defense.

We are promoting exponential growth of the "won't work sector".

They can make like $57K (in cash and prizes) if all freebies available are used.

A full-time, minimum wage job pays $15,080.

Also, all you Soc. Sec. haters, the biggest part of that budget is Disability.

Fully half (or more) of that is fraud. The USA has a great record of implementing well-intentioned programs.....that they don't document the need or legitimacy of the recipients.

Tell your doctor your back hurts a few times, badda bing, you're disabled.

We have programs that run on the "honor system" that cater to people without honor.

 

Tue, 01/01/2013 - 20:00 | Link to Comment H E D G E H O G
H E D G E H O G's picture

AMEN BOOGER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wed, 01/02/2013 - 08:21 | Link to Comment Svener
Svener's picture

Man I'm with you on this one. I personally know a multiple millionaire that is collecting SSD. Every single person I know that is collecting is a fraud case.

Tue, 01/01/2013 - 15:26 | Link to Comment A Lunatic
A Lunatic's picture

Fucking sad.

 

Oh; Happy New Year, Bitchez............

Tue, 01/01/2013 - 15:27 | Link to Comment Snakeeyes
Snakeeyes's picture

+$4 trillion in budget deficits ... just wow.

And Obama/Senate's 44:1 taxes to spending cuts ratio.

http://confoundedinterest.wordpress.com/2013/01/01/fiscal-abyss-bill-pas...

Tue, 01/01/2013 - 15:31 | Link to Comment Everybodys All ...
Everybodys All American's picture

CBO says there are no spending cuts. Period.

Tue, 01/01/2013 - 15:45 | Link to Comment lolmao500
lolmao500's picture

Well of course there isn't. If spending is cut, revolt is gonna happen because the greatest bubble of all time will implode. Can't have that.

Tue, 01/01/2013 - 15:26 | Link to Comment Clint Liquor
Clint Liquor's picture

As Obama said 'it's not about revenue, it's about fairness'.

Tue, 01/01/2013 - 15:32 | Link to Comment Zer0head
Zer0head's picture

and families

Tue, 01/01/2013 - 20:35 | Link to Comment CPL
CPL's picture

and unicorns that shit skittles.

Tue, 01/01/2013 - 15:30 | Link to Comment DavidC
DavidC's picture

A three year old could look at those CBO figures and realise what pure fantasy they are. Estimated outlays disappearing to zero by 2018. What?!

DavidC

Tue, 01/01/2013 - 15:29 | Link to Comment TerminalDebt
TerminalDebt's picture

It's only a matter of time now before ZH is declared a threat to national security

Tue, 01/01/2013 - 15:29 | Link to Comment max2205
max2205's picture

Show's over folks. Get back to trading

Tue, 01/01/2013 - 15:30 | Link to Comment Everybodys All ...
Everybodys All American's picture

Will the ratings agencies score the US credit for downgrade now? If they had any balls they would come out today and say it out loud and in a clear voice. But unfortunately they will not. Nothing seems to get our spend thrift Congress's attention any longer. Now, I would presume a revolution is the only way to stop this craziness.

Tue, 01/01/2013 - 15:45 | Link to Comment lolmao500
lolmao500's picture

A revolution means lots of death. What I would like to see is a quick military coup by a group of oathkeepers... then restauration of the constitution and public hanging of the current and past governments for their crimes.

Tue, 01/01/2013 - 16:29 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Letting someone else do the dirty work of providing social planning and security is what gets people into trouble to begin with. Our government -- people with guns who are supposed to look out for us but who look out for themselves instead as that is simple human nature -- is failing and you want to trust a different group of people with guns who were formerly associated with the first group to take over and really make sure that the little guy is taken care of this time.

Unbelievable.

Man up, face death yourself if that's what is required to take care of yourself and your family and stop depending on the kindness of strangers.

Tue, 01/01/2013 - 19:26 | Link to Comment HellFish
HellFish's picture

Sign me up.

Tue, 01/01/2013 - 20:02 | Link to Comment H E D G E H O G
H E D G E H O G's picture

SHIT! +1000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000!

Tue, 01/01/2013 - 15:30 | Link to Comment Critical Path
Critical Path's picture

This report optimistically assumes we can keep this runaway train on the tracks for another decade in order to see the deficit rocket in that manner.  For that matter, all reports I've seen lately are optimistic in that way... Not a single one of them adds the caveat at the end of the report "This assumes we make it that far".

Tue, 01/01/2013 - 16:32 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Hilariously accurate. One thumb up (Siskel isn't in today).

Tue, 01/01/2013 - 15:34 | Link to Comment Atomizer
Atomizer's picture

Derivatives scandal

 

Semiannual OTC derivatives statistics at end-June 2012|November 2012

The objective of the Semiannual Over-The-Counter (OTC) Derivatives Markets Statistics is to obtain comprehensive and internationally consistent information on the size and structure of derivatives markets in the G10 countries and Switzerland. They provide data on notional amounts outstanding and gross market values and permit the evolution of particular market segments to be monitored. In conjunction with the banking and securities statistics, they offer a more comprehensive picture of activity in global financial markets as well.

 

Following the initiative from the Committee on the Global Financial System (CGFS), central banks of the G10 countries started in June 1998 reporting to the BIS semiannual OTC derivatives statistics on forwards, swaps and options of foreign exchange, interest rate, equity and commodity derivatives. As of end-June 2004, the BIS also releases statistics on concentration measures, back to June 1998. The data include concentration measures for foreign exchange, interest rate and equity-linked derivatives. Finally, as of end-December 2004 the BIS releases semiannual data on credit default swaps (CDS) including notional amounts outstanding and gross market values for single- and multi-name instruments. Additional information on CDS by counterparty, sector and rating has been made available as of December 2005.

 

As of end-June 2010 more granular information is published on CDS counterparties (eg CCPs, SPVs and Hedge Funds as well as on Index products in the multi-name CDS instruments).

 

From December 2011, Australia and Spain began contributing to the semiannual survey, bringing the number of reporting countries to 13.

http://www.bis.org/statistics/derstats.htm

Tue, 01/01/2013 - 15:41 | Link to Comment Clint Liquor
Clint Liquor's picture

They are only showing 494 Trillion in (notional value) interest rate derivatives. What could possibly go wrong?

Tue, 01/01/2013 - 15:36 | Link to Comment Atomizer
Atomizer's picture

I can go at this all day long.. Happy New Year ZH'er's!!

Tue, 01/01/2013 - 15:38 | Link to Comment inevitablecollapse
inevitablecollapse's picture

i tried explaining this whole mess to my 3 year old this morning, but he just doesn't get it yet...this is an absolute fucking farce.  i don't even know where to start in trying to relay how pissed off this whole mess has made me.  unfortunately, there aren't enough pissed off people for anything to change. 

Tue, 01/01/2013 - 15:42 | Link to Comment Clint Liquor
Clint Liquor's picture

If you can get a 3 year old to understand, we should send you to the White House and let you give it a try there.

Tue, 01/01/2013 - 15:44 | Link to Comment inevitablecollapse
inevitablecollapse's picture

that's my whole point - we're looking at continuing to mortgage his future for a short-term carrying-on of this charade - something that he has no understanding and no say in

Tue, 01/01/2013 - 15:54 | Link to Comment Atomizer
Atomizer's picture

5 homes & no mortgages. Kiss my ass. Great high in tenants who pay every month. Sell me your doom scenario fucknut.

Tue, 01/01/2013 - 16:12 | Link to Comment foxmuldar
foxmuldar's picture

We have no say either. When Bohner grabs his fellows house members by the dick, they will back him in voting for this clusterfuck. 

Tue, 01/01/2013 - 17:00 | Link to Comment Bollixed
Bollixed's picture

Bohner couldn't find his own dick if he used both hands. What makes you think he could find the others' dicks.

Assuming they even have them, of course.

Tue, 01/01/2013 - 17:58 | Link to Comment Atomizer
Atomizer's picture

There is no two party system. The days of playing the field are over.

Tue, 01/01/2013 - 15:38 | Link to Comment Seasmoke
Seasmoke's picture

well most of us here should be dead by 2087, so we have that going for us

Tue, 01/01/2013 - 15:39 | Link to Comment buzzsaw99
buzzsaw99's picture

there would be no budget deficit if there were no federal reserve gangsters and the us gubbermint did their constitutional duty.

Tue, 01/01/2013 - 15:42 | Link to Comment blunderdog
blunderdog's picture

So tax cuts are the cause of the deficit even here on ZH now?  You guys are almost ready for MSM spin-meistering.

Tue, 01/01/2013 - 16:20 | Link to Comment Socratic Dog
Socratic Dog's picture

Yeah, I was thinking along the same lines.  Even on ZH the main-stream media line holds sway.  Hardly surprising, when most here don't even seem to recognize Million Dollar Bonus as satire.  They think he's a troll.

It's the SPENDING guys.  That's all.  Tax rates should be slashed, or even eliminated, and we should still have a balanced budget.

ZH ain't what it used to be.  The commentators, anyway.  And people think it's a threat to the establishment?  Nah.

Tue, 01/01/2013 - 16:44 | Link to Comment CrockettAlmanac.com
CrockettAlmanac.com's picture

Folks get it, we just like to see the math. It's hilarious.

We are trapped in a system where spending cuts are politically impossible but higher taxes (beginning with "the rich") are possible. So any tax cuts will add to the deficit. It's just math. Additional analysis and calculation tells us that the money funneled to government exits the productive sector and leads to additional reductions in tax revenue (and standard of living, of course) which increases the downward spiral.

No straight man needed. It's all punchline.

Tue, 01/01/2013 - 18:28 | Link to Comment blunderdog
blunderdog's picture

Something weird has definitely happened with the quality of the reportage.  They used to be a lot more nihilistic AND a lot more accurate in their assessments.  They seem to have picked up several more "closet Republicans" to churn this stuff out.  Or maybe guys from the Heritage Foundation or something.

Tue, 01/01/2013 - 17:14 | Link to Comment Atomizer
Atomizer's picture

 


Your right. Once we ban guns in your neighborhood, getting a hood bullet will reduce the cost of supporting your EBT dependency. I think your idea will help this country. Since the DHS will take over LEO, good luck in getting your government check. You voted for it, accept your decision.

 http://www.fns.usda.gov/pd/15SNAPpartPP.htm

Tue, 01/01/2013 - 18:26 | Link to Comment blunderdog
blunderdog's picture

You've obviously mistaken me for someone else, but guns ARE effectively banned in my 'hood, and they're quite readily obtainable.  At least, I know where *I'LL* get one if I need it.

Tue, 01/01/2013 - 18:43 | Link to Comment Atomizer
Atomizer's picture

No, this happens to me as well. Comment was directed to above poster. Sorry, I forgot to use RE: thingy/reply.

Tue, 01/01/2013 - 18:57 | Link to Comment Atomizer
Atomizer's picture

PS: even in the entitlement supporting taxpayers who keep this jig up know where to find ????

Tue, 01/01/2013 - 19:08 | Link to Comment blunderdog
blunderdog's picture

If I take your meaning, I'd say: many many people are fooled by, and remain in thrall of, the Mighty Oz. 

Those folks are very much not my problem or concern.

Tue, 01/01/2013 - 20:30 | Link to Comment Atomizer
Atomizer's picture

Using Thrall & Mighty OZ belittles your problem & concern.

You’ll be the first to have a barrel shoved down your throat, they’ll tell you, [you’re the problem and concern]. Your aspirations to control another block will not work in your favor.  Peace brother.

Tue, 01/01/2013 - 18:12 | Link to Comment Oldwood
Oldwood's picture

Well it is actually their money they are letting us play with. They invented it and printed it. Its all theirs baby and were are but the renters.

Tue, 01/01/2013 - 15:42 | Link to Comment lolmao500
lolmao500's picture

Ben will need to print even MOAR to cover the upcoming $2 trillion deficits... Japan's 1 quadrillion in debt?? They will be mere amateurs soon enough.

Tue, 01/01/2013 - 15:43 | Link to Comment JustObserving
JustObserving's picture

The CBO has a great record at forecasting:

The CBO has summarized the cause of change between its January 2001 estimate of a $5.6 trillion cumulative surplus between 2002 and 2011 and the actual $6.1 trillion cumulative deficit that occurred, an unfavorable "turnaround" or debt increase of $11.7 trillion. Tax cuts and slower-than-expected growth reduced revenues by $6.1 trillion and spending was $5.6 trillion higher. (from Wiki)

When CBO says that $4 trillion will be added to deficit, you can conservatively assume $10 trillion

Tue, 01/01/2013 - 15:48 | Link to Comment GeorgeHayduke
GeorgeHayduke's picture

Like the dollar can last another ten years in its current form and have any significance whatsoever. If so, welcome to the Third, or Fourth, World.

This system is so corrupt and unsustainable it cannot last in it's current form. There's no "going back" (to what I would add?), no morning in America again, or any of that other catchphrase crap for the brain dead. The only thing left is to see how much the greedy scumbags in power and their asshole owners try to steal as this house of card collapses, AND how much the sheep are willing to put up with. Thus far quite a bit from both sides. Although the game may get a lot more dicey as the remaining crumbs are brought into play. It could be quite an interesting year.

Tue, 01/01/2013 - 15:50 | Link to Comment DCon
DCon's picture

Bernanke can print 4 trillion in seconds! Might be enough to pay for a Big Mac by then too.

 

Why the concern?

 

Tue, 01/01/2013 - 15:53 | Link to Comment One World Mafia
One World Mafia's picture

Fiscal Cliff Deal: $1 in Spending Cuts for Every $41 in Tax Increases

http://www.infowars.com/fiscal-cliff-deal-1-in-spending-cuts-for-every-4...

Tue, 01/01/2013 - 16:08 | Link to Comment foxmuldar
foxmuldar's picture

And Bohner want those fools in the House to go along with this nonsense? Unfuckinbelivable. 

Tue, 01/01/2013 - 16:00 | Link to Comment I am Jobe
I am Jobe's picture

Odumba campaigining for Third Term in Office.

Got to go Golf

Later

Axel Rod

 

Tue, 01/01/2013 - 16:02 | Link to Comment disabledvet
disabledvet's picture

as usual "you heard it at ZH first." all great journey's start with a single step. this one appears to be a boot to our neck i agree. we'll see what the House does with what the Senate overwhelmingly voted yes on. I found the "nay" votes interesting: the principled players in the form of the Tea-baggers and Tom Harkin. That strikes me as a good vote all the way around actually...though i'm not using the word "good" in a moral sense of course. More a "my God they shut up and did something for a change" sense. Now it's time to "take it to the people who do shut and do something." Hmmmm. Maybe if they really did just do nothing but talk....

Tue, 01/01/2013 - 16:14 | Link to Comment foxmuldar
foxmuldar's picture

Big short covering tomorrow. 

Tue, 01/01/2013 - 16:34 | Link to Comment Frastric
Frastric's picture

One flying menhir coming DC's way...

From Belgium with love...

Tue, 01/01/2013 - 16:36 | Link to Comment YesWeKahn
YesWeKahn's picture

only two possible outcomes:

1) Bernanke's printing press sends the whole world to a hyperinflation spiral

2) USA defaults

Bernanke is the greatest ass hole, he will do 1)

Tue, 01/01/2013 - 16:50 | Link to Comment robertocarlos
robertocarlos's picture

Doctors and nurses will just have to work for much less money.

Tue, 01/01/2013 - 18:43 | Link to Comment H E D G E H O G
H E D G E H O G's picture

"FULL FAITH AND CREDIT"??????????????

Tue, 01/01/2013 - 21:22 | Link to Comment smiler03
smiler03's picture

"Maybe the US can just increase the taxes on the uber wealthy some more, and pray that unlike Obelix, they have never heard of Belgium."

 

@ Tylers: You are becoming more and more like Huffington, clueless fucking idiots. ZH has lost/sold it's direction.

ZeroHedge.com/ABC Media, LTD.

I should admit that I am paid by the US Government to be a shill. I get $50/hour and work from home and have a huge early retirement pension to look forward to.

This once decent website has turned to shit.

Tue, 01/01/2013 - 21:59 | Link to Comment Socratic Dog
Socratic Dog's picture

Umm, I think that may have been sarcasm, smiles.

Tue, 01/01/2013 - 22:02 | Link to Comment smiler03
smiler03's picture

I think it was possibly satire. Smiling too ;O)

Wed, 01/02/2013 - 00:21 | Link to Comment Lord Of Finance
Lord Of Finance's picture

4 trillion in new spending definitely means at least another 4 trillion in fed purchases.

   I don't know about you all, but I think I give in now. Time to go on US.Gov and fill me out some federal government employee applications.

 

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